Iran to Boost Oil Production to 3.6 Million Barrels

182 projects worth 76 billion dollars are underway in the oil industry during President Ebrahim Rayeesi's government, Owji said.

"Oil production will reach 3,600,000 barrels per day by the end of this (Iranian) year (to end on March 19). An, it can reach four million barrels per day next year," he added.

"Priorities have been planned for the oil industry in the 13th government, and one of the most important priorities has been investing in key projects," Owji said.

He underlined that investments in maintaining and maintaining production, increasing oil and gas production, increasing production from common fields, collecting flare gases, storing natural gas, developing the exploration of new oil and gas fields, increasing the refining capacities of oil and petroleum products, building refineries, improving the quality of oil products in existing refineries, increasing the production capacity of petrochemical products and increasing gas production in gas refineries have been key issues and investment projects of the oil industry in the 13th government.

According to the data released by the Central Bank of Iran (CBI), the country’s oil sector’s economic growth rose to 16.4 percent in the first quarter of the current Iranian calendar year (starting March 21, 2023) from 3.5 percent in spring 2022.

It also indicated that the increase in oil production and exports accounts for more than 24 percent of the country’s gross domestic product (GDP) growth in this year’s spring.

Meantime, the GDP including oil grew 6.2 percent and it stood at 5.2 percent excluding oil during the three months.

Iran has repeatedly announced in recent months that its oil output and exports have increased despite the US sanctions.

The monthly reports of the Organization of the Petroleum Exporting countries (OPEC) confirm the rise in Iran’s oil production and exports.

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